The film has yet to show and prove at the box office, but Disney is reportedly already planning a sequel to this weekend's release, "Oz the Great and Powerful."

Variety reports that the studio has put in a request for screenwriter Mitchell Kapner, who co-wrote the first film with David Lindsay-Abaire, to pen a follow-up.

Directed by Sam Raimi, "Oz the Great and Powerful" stars James Franco as the wizard of L. Frank Baum's creation and recounts how he came to reside in that magical land with the famous yellow brick road.

It's unclear what a sequel plot would involve, and Disney wouldn't comment on the reports. "Oz the Great" is expected to open to $80 million in domestic ticket sales, Variety added.

Meanwhile, star Franco was getting the star treatment on the Hollywood Walk of Fame Thursday.

The 34-year-old actor, who pulled an Oscar nod with 2010's "127 Hours," received his acknowledgment with his mom, director Raimi and pal Seth Rogen by his side. Rogen and Franco, of course, go pretty far back - they both starred on "Freaks and Geeks," which aired from 1999 to 2000.

“Oz the Great and Powerful” is all smoke and no mirrors, no fantasy, just effects without affect. To be honest, more like Oz the Amiable and Un-threatening. The best, funniest Oz thing I've read lately is DA YELLER BRICK ROAD, a revisionist telling of The Wonderful Wizard of Oz by Uncle Remus. The conceit is it was originally by Remus (who didn't exist) and then "borrowed and cleaned-up" by Baum. Hilarious and charming. All that "Oz the Great and Powerful" is not.

I wish this reporters would get knowledgeable. This is a series of books written by L. Frank Baum. There is no sequel to this. It will be another story in the series. Furthermore, the Wizard wasn't meant to be a jovial sort. He was always nervous b/c his brand of magic was smoke and mirrors. James Franco is perfect for this role – Especially for the Wizard's early years.

I agree...I think people don't realize that what they call a "bad portrayal" is actually the exact portrayal that they were looking for for his character. Just look at the wizard in the original classic...he was nothing more than a con man with very little confidence hiding behind a curtain of mechanical smoke and mirrors which is exactly what Franco did. His portrayal of the character was spot on with the carnival "con-men" of that time period.